Pensions 2012Melanie CusackPitmans Trustees Limited
Financial Climate•   Assets vs liabilities•   Risk reduction•   Proposals from advisers•   Fiduciary management•   Objecti...
Political Climate• Government threats re tax relief on  charitable donations• “Defined Ambition” schemes concept• Public s...
Governance• Recognised as a form of risk reduction• Familiar territory for many charities• Often not difficult• Conflicts ...
Auto-enrolment•   Staging date should be known•   Impact on current pension provisions•   Impact on current payroll costs•...
Actuarial Valuations• Many due this year due to anniversary since  first valuation in new regime• Issues likely to be thos...
Employer Covenant• Greater emphasis by Pensions Regulator• “Creative” approaches to date may not stand up  to scrutiny• Ch...
Data• Pensions Regulator provided good practice  guidance in June 2010• By end 2012, Common Data should have   • 100% accu...
Communication• Awareness of pension higher, although not  positive• Auto-enrolment will increase awareness• Need positive ...
Costs• Advisers’ fees receiving some coverage• Lay trustees rely heavily on advisers• How to achieve value for money?   • ...
Conclusions• Busy year so far – expected to continue• Auto-enrolment is and will continue to get a  lot of attention• Good...
Upcoming SlideShare
Loading in …5
×

1C - Pensions 2012 - Melanie Cusack

445
-1

Published on

Speaker at CFG's Annual Conference 2012

Published in: Economy & Finance, Business
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
445
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
2
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

1C - Pensions 2012 - Melanie Cusack

  1. 1. Pensions 2012Melanie CusackPitmans Trustees Limited
  2. 2. Financial Climate• Assets vs liabilities• Risk reduction• Proposals from advisers• Fiduciary management• Objectives of charity/pension scheme
  3. 3. Political Climate• Government threats re tax relief on charitable donations• “Defined Ambition” schemes concept• Public sector changes
  4. 4. Governance• Recognised as a form of risk reduction• Familiar territory for many charities• Often not difficult• Conflicts of interest must be managed, but rarely removed• Trust Based vs Contract Based provision have different levels of governance
  5. 5. Auto-enrolment• Staging date should be known• Impact on current pension provisions• Impact on current payroll costs• “New” products available – not just NEST• Test cases likely
  6. 6. Actuarial Valuations• Many due this year due to anniversary since first valuation in new regime• Issues likely to be those of three years ago but more complex• Pensions Regulator acknowledges difficulties of current financial climate• Informed decisions must be made.
  7. 7. Employer Covenant• Greater emphasis by Pensions Regulator• “Creative” approaches to date may not stand up to scrutiny• Charity sponsors have particular considerations• Difficult to justify complex forensic investigations tailored to corporate sector
  8. 8. Data• Pensions Regulator provided good practice guidance in June 2010• By end 2012, Common Data should have • 100% accuracy for members joining post June 2012 • 95% accuracy for legacy members
  9. 9. Communication• Awareness of pension higher, although not positive• Auto-enrolment will increase awareness• Need positive spin• Usually most valuable employee benefit after wages.• Manage expectations
  10. 10. Costs• Advisers’ fees receiving some coverage• Lay trustees rely heavily on advisers• How to achieve value for money? • Ask the right questions of right adviser • Charity representatives with right background • Independent trustee
  11. 11. Conclusions• Busy year so far – expected to continue• Auto-enrolment is and will continue to get a lot of attention• Good governance is paramount to avoid detracting from the charity’s objectives
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×